Gold remained in a tight range yesterday. The market opened at 1739, and the price was bouned by 1739-46 throughout the day,
The relatively rapid drop the day before has slowed down since the price escaped the S-T downward trendline(1) yesterday. 1730-65(2) can be used as the operating range before the US employment figure. The S-T resistance at 1750 is still valid; if the price breaks the 1730 support, 1710-00 should be the next target to the downside.
The downtrend channel(2) is still dominating the daily chart. Althought the price failed to find new low yesterday, the reversal bottom-out sign has yet to appear. Can continue to take advantage of the 1730-1800 range before the price clears the 1730 support.
S-T Resistances:
1765
1760
1750
Market price: 1742
S-T Supports:
1738-40
1730-31
1720
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